User avatar
LTLFTcomposite
Posts: 4425
Joined: Fri Apr 23, 2010 6:06 pm
Delivery Date: 10 Dec 2011
Leaf Number: 5926
Location: Central FL

Re: End of Lease Strategies?

Sat Oct 11, 2014 9:03 am

Looks like there won't be a pullahead deal this fall. Of course a dealer can get me out of my current overpriced lease early but because the market value of the car is less than the residual all they would be doing is rolling the negative into the next lease or purchase.

I did confirm a couple of interesting things though talking to NMAC. if I purchase or lease another Nissan or infinity they will waive the termination fee and also allow me up to $500 of excess wear. We've kept the car in pristine condition but the tires are getting a little thin and that might be an issue so I'm hoping that $500 waiver would cover that.
But here's the interesting part: you don't need to buy or lease the new car at exactly the time you turn in the old one. You have about 60 days to buy or lease the new vehicle and still get those waivers credits. So we might try to limp along with one car for a few weeks until the North American Auto Show announcement where we see what the 2016 looks like, then decide where to go from there. Even though availability would still be several months away it would still be nice to make an informed decision.
LTL
White 2012 SV delivered 10 Dec 2011 returned 25 Nov 2014 replaced with stopgap ICE Sentra
[35 months] [35K miles] [9 Bars]
2013 Volt replaced after 36 months/30k miles with ICE Rogue
2016 SV-adjacent May 2016 lost 4th bar March 2018

DaveinOlyWA
Posts: 12807
Joined: Sat Apr 24, 2010 7:43 pm
Delivery Date: 10 Nov 2016
Leaf Number: 314199
Location: Olympia, WA
Contact: Website

Re: End of Lease Strategies?

Sat Oct 11, 2014 10:39 am

LTLFTcomposite wrote:Looks like there won't be a pullahead deal this fall. Of course a dealer can get me out of my current overpriced lease early but because the market value of the car is less than the residual all they would be doing is rolling the negative into the next lease or purchase.

I did confirm a couple of interesting things though talking to NMAC. if I purchase or lease another Nissan or infinity they will waive the termination fee and also allow me up to $500 of excess wear. We've kept the car in pristine condition but the tires are getting a little thin and that might be an issue so I'm hoping that $500 waiver would cover that.
But here's the interesting part: you don't need to buy or lease the new car at exactly the time you turn in the old one. You have about 60 days to buy or lease the new vehicle and still get those waivers credits. So we might try to limp along with one car for a few weeks until the North American Auto Show announcement where we see what the 2016 looks like, then decide where to go from there. Even though availability would still be several months away it would still be nice to make an informed decision.


they waived $843 on mine
2011 SL; 44,598 miles. 2013 S; 44,840 miles.2016 S30 deceased. 29,413 miles. 2018 S40; 2483 miles, 490 GIDs, 38.2 Ahr available, SOH 99.30, Hx 114.37
My Blog; http://daveinolywa.blogspot.com" onclick="window.open(this.href);return false;

LeftieBiker
Posts: 8380
Joined: Wed May 22, 2013 3:17 am
Delivery Date: 31 May 2013
Location: Upstate New York, US

Re: End of Lease Strategies?

Sat Oct 11, 2014 6:06 pm

I"m going to be looking at either a base model Leaf - likely the previous model year - or something like a Smart or iMiev lease when mine ends. I can't afford to put another $3k down, but I can't afford more than $175 a month, either. If I'm lucky I'll find a Super-Black S with no QC in my budget and I'll be happy enough.
2013 "Brilliant Silver" SV with Premium and no QC, a 2009 Vectrix VX-1 W/18 Leaf modules, and 3 EZIP E-bicycles.
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

kmp647
Posts: 1135
Joined: Tue Jul 27, 2010 4:00 pm
Delivery Date: 11 Nov 2011
Location: Northern Virginia

Re: End of Lease Strategies?

Fri Oct 17, 2014 4:07 am

Has anyone near the end of their lease been contacted by NMAC and offered a deal to purchase their Leaf at a price below the residual?

it would seem like a good idea for NMAC if they know the car will bring a loss at auction.

has anyone asked?
2012 SL Leaf
order 07/28/2011
took delivery 11/11/11
47,000 miles 10 bars 211 gids
Turned back into Nissan 12/31/14 @ 50,000 miles
BMW i3 rex 24 month lease
2017 BMW X540e phev
Tesla model 3 reservation

Epi117
Posts: 122
Joined: Thu Feb 21, 2013 4:42 pm
Delivery Date: 09 Mar 2013
Leaf Number: 401446
Location: Portland, Oregon

Re: End of Lease Strategies?

Fri Oct 17, 2014 7:09 am

Our lease ends in early march, we did get letter offering to extend lease. Car is running perfect, still have all bars (im sure there is some lost but have not purchased - scanning device) would love to buy it at a fair price, but residuel is way to high.

Paying $317 month, from zero down. If they offered reduced payment for another year i would extend lease.

User avatar
LTLFTcomposite
Posts: 4425
Joined: Fri Apr 23, 2010 6:06 pm
Delivery Date: 10 Dec 2011
Leaf Number: 5926
Location: Central FL

Re: End of Lease Strategies?

Fri Oct 17, 2014 1:44 pm

kmp647 wrote:Has anyone near the end of their lease been contacted by NMAC and offered a deal to purchase their Leaf at a price below the residual?

it would seem like a good idea for NMAC if they know the car will bring a loss at auction.

has anyone asked?

From what I've heard NMAC won't do this. My theory is they don't care about the negative; they are part of Nissan and they want to move more cars. Having you buy your existing car at or below the residual is counterproductive, they and the dealer will make money on the next guy with your turnback as a CPO. It's another opportunity to collect a dealer fee, sell extended warranties, make money on financing, and other miscellaneous dealer tactics. ($399 nitrogen fill anyone?)

Apparently US Bank and Ally are a different story with Volt leases. They don't have the same affinity with Chevrolet and actually are interested in getting as much as possible out of the cars, which can be a number less than the residual but more than a dealer will give them.
LTL
White 2012 SV delivered 10 Dec 2011 returned 25 Nov 2014 replaced with stopgap ICE Sentra
[35 months] [35K miles] [9 Bars]
2013 Volt replaced after 36 months/30k miles with ICE Rogue
2016 SV-adjacent May 2016 lost 4th bar March 2018

kmp647
Posts: 1135
Joined: Tue Jul 27, 2010 4:00 pm
Delivery Date: 11 Nov 2011
Location: Northern Virginia

Re: End of Lease Strategies?

Sun Oct 19, 2014 6:32 am

There is some sort of program started in october that allows certain Leaf Leasers to buy their current car at a price way lower than the contracted residual.
Dealers just received the program info (most prob wont have read it yet) and NMAC has the info on who is eligible.
I received a call from NMAC and an offer to sell me my current Leaf at a large drop from the current payoff of $17,500

I dont really want to buy my Leaf , i'm turning it in end of December.

But I will try to get and post some of the programs details here.
2012 SL Leaf
order 07/28/2011
took delivery 11/11/11
47,000 miles 10 bars 211 gids
Turned back into Nissan 12/31/14 @ 50,000 miles
BMW i3 rex 24 month lease
2017 BMW X540e phev
Tesla model 3 reservation

User avatar
LTLFTcomposite
Posts: 4425
Joined: Fri Apr 23, 2010 6:06 pm
Delivery Date: 10 Dec 2011
Leaf Number: 5926
Location: Central FL

Re: End of Lease Strategies?

Sun Oct 19, 2014 6:51 am

Very interesting... I would want to consider that, but since I opted out of the class action it would be out of the question without some clarity on that matter, as we are 3 bar losers in a warm climate.

Perhaps NMAC is starting to sweat having a huge inventory of three year old Leafs they can't sell.

Kmp647, is there not a price at which you would want to buy your current car? For $17k I definitely don't want mine, for $7k I definitely do.
LTL
White 2012 SV delivered 10 Dec 2011 returned 25 Nov 2014 replaced with stopgap ICE Sentra
[35 months] [35K miles] [9 Bars]
2013 Volt replaced after 36 months/30k miles with ICE Rogue
2016 SV-adjacent May 2016 lost 4th bar March 2018

kmp647
Posts: 1135
Joined: Tue Jul 27, 2010 4:00 pm
Delivery Date: 11 Nov 2011
Location: Northern Virginia

Re: End of Lease Strategies?

Sun Oct 19, 2014 7:58 am

I would not buy if you opted out, no way.

My leaf 2 bars down at 46,000 miles and prob wont lose 2 more by 60k, not a bet I'm willing to take and the range is marginal right now.

so I just wouldnt by my Leaf at any price. to expensive to try to buy it then trade it because of the sales taxes and other fees reg etc.

not worth it, I will be having it inspected and dropping it at the nearest dealer by December 31st.
I have another car to drive and I am going to wait to see what the gen2 volt looks like in january and hopefully the gen 2 Leaf by fall 2015 or jan 2016 :)
2012 SL Leaf
order 07/28/2011
took delivery 11/11/11
47,000 miles 10 bars 211 gids
Turned back into Nissan 12/31/14 @ 50,000 miles
BMW i3 rex 24 month lease
2017 BMW X540e phev
Tesla model 3 reservation

User avatar
LTLFTcomposite
Posts: 4425
Joined: Fri Apr 23, 2010 6:06 pm
Delivery Date: 10 Dec 2011
Leaf Number: 5926
Location: Central FL

Re: End of Lease Strategies?

Sun Oct 19, 2014 9:23 am

Thanks for the reply. The reponse on the homefront here is no way unless they put a new battery in it, which looks doubtful having opted out. Even at that you aren't sure you're getting the lizard battery or even if you do is it any better. All this against the backdrop of gas under $3 and new sentras that can be had under $14k.

When you have people saying they wouldn't want an old leaf at any price, what does that say about resale values? At my local dealer they have had a couple low mile 2012s sitting on the lot for several months now.
I wonder what the relationship is between NMAC and dealers on lease turnbacks. Do dealers buy them, or is it like they consign them for NMAC. If its the former I can see dealers saying no way they're going to sink money into those turkeys to take up space on the lot.
LTL
White 2012 SV delivered 10 Dec 2011 returned 25 Nov 2014 replaced with stopgap ICE Sentra
[35 months] [35K miles] [9 Bars]
2013 Volt replaced after 36 months/30k miles with ICE Rogue
2016 SV-adjacent May 2016 lost 4th bar March 2018

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